White Paper

CFPB Developments for Indirect Auto Loan Lenders - The Current Landscape

 
Indirect auto lenders are not immune from CFPB regulatory authority. In recent years, the CFPB has continued to focus its attention on “unfair and deceptive” aspects of auto lending. Lenders can expect to see continued scrutiny of auto lending practices and policies. Credit unions must be aware of CFPB actions and ensure their policies are drafted in a way that reduce CU risk in this market.

Background - Consumer financing for automobile purchases. These regulations apply to financial institutions; or auto dealers. An auto dealer can be direct (consumer goes straight to lender himself/herself); or indirect (consumer goes to auto dealer and auto dealer sells contract to third party lender).

Franklin Drake is a Partner in the law firm of Smith Debnam Narron Drake Saintsing & Myers. He focuses on creditor's rights, bankruptcy, and repossession law. Mr. Drake advised and represented most of the major secure and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He lectures regularly for various training courses, bankruptcy and regulatory compliance programs.

Faculty

Franklin Drake

Franklin Drake

Smith Debnam Narron Drake Saintsing & Myers, LLP

Agenda

Faculty

Franklin Drake

Franklin Drake

Smith Debnam Narron Drake Saintsing & Myers, LLP

  • Partner in the law firm of Smith Debnam Narron Drake Saintsing & Myers
  • Focuses on creditor's rights, bankruptcy, and repossession law
  • Advised and represented most of the major secure and unsecured financers on secured lending, bankruptcy and regulatory compliance matters
  • Lectures regularly for various training courses, bankruptcy and regulatory compliance programs
  • Author of articles on the practical application of laws and regulations to credit union procedures
  • B.A., with honors, University of North Carolina at Chapel Hill
  • J.D., University of North Carolina at Chapel Hill

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